暨签署补充协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏。 一、本次协议转让的基本情况 万马科技股份有限公司（以下简称"公司"）大股东盛涛先生于 2024 年 12 月 27 日与浙江金证资产管理有限公司（代表"金证红升 1 号私募证券投资基金"） 签署了《关于万马科技股份有限公司之 5%股份转让协议》（以下简称"股份转 让协议"），通过协议转让方式转让公司股份 6,700,000 股给浙江金证资产管理 有限公司-金证红升 1 号私募证券投资基金，占公司总股本的 5.00%。 证券代码：300698 证券简称：万马科技 公告编号：2025-014 万马科技股份有限公司 关于大股东拟协议转让公司股份的进展 3、本次协议转让未触及要约收购，不会导致公司控制权发生变化，不会对 公司治理结构及持续经营产生影响，也不存在损害上市公司及其他股东利益的情 形。 具体情况详见公司在巨潮资讯网披露的《关于股东拟协议转让公司股份暨权 益变动的提示性公告》（公告编号：2024-067）等相关公告。 除上述补充的三条内容之外，其他协议内容无任何变化。 三、其他相关说明 ...

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

证券代码：300698 证券简称：万马科技 万马科技股份有限公司 2024 年度业绩说明会 投资者活动记录表 2.行业以后的发展前景怎样？ 答：目前公司所在行业受益于全球汽车智能网联化渗透率的持续提升，主要有三大趋势。 其一是，连接方面国内 5G 需求的持续提升。2024 年前三季度，我国乘用车新车车辆联网 渗透率达 84.59%，且我国 5G 车载模组装车渗透率仍有较大增长空间。其二是，国内主机 厂出口持续增长，全球网联是刚需。2024 年，中国汽车出口仍保持较快增长，同比增长 19.3%。2025~2026 年，出口有望维持 15%~21%的增速。其三是，高级辅助驾驶系统技术 发展迅速，数据闭环及智算需求旺盛。而随着辅助驾驶系统技术持续向高级别跃升，相 应车辆数据呈指数级增长，对数据处理以及存储需求激增。总体来看，行业已形成政策、 技术与市场三力共振趋势，将为我国经济高质量发展注入强大动力。 3.公司本期盈利水平如何？ 答：公司 2024 年实现营业收入 56,087.68 万元，较上年同期增长 7.72%；归属于上市公 司股东的净利润为 4,130.75 万元，较上年同期下降 35.92%，主要受项目实 ...

Core Viewpoint - The company reported its 2024 annual and 2025 Q1 financial results, showing a mixed performance with revenue growth but a decline in net profit for 2024, followed by a significant increase in net profit for Q1 2025 [3]. Financial Performance - In 2024, the company achieved revenue of 561 million yuan, a year-on-year increase of 7.72%, while Q1 2025 revenue reached 150 million yuan, up 78.24% year-on-year [3]. - The net profit attributable to the parent company for 2024 was 41 million yuan, a decrease of 35.92%, whereas Q1 2025 net profit was 5 million yuan, reflecting a growth of 237.89% [3]. Business Segments - The connected vehicle business experienced rapid growth in 2024, generating revenue of 255 million yuan, a year-on-year increase of 43.56%, with a gross margin of 48.03%, down 18.48 percentage points from the previous year [4]. - The communication business reported revenue of 267 million yuan, a decline of 9.95% year-on-year, attributed to project implementation cycles, with a gross margin of 24.78%, an increase of 1.06 percentage points [4]. - Overall net profit margin for 2024 was 7.36%, down 4.93 percentage points from the previous year, primarily due to increased sales and R&D expenses [4]. Strategic Developments - The company is a leading third-party connection management service provider in China, with over 14 million connections by the end of 2024, including over 13 million domestic connections and over 1 million overseas connections [5]. - Key partnerships have been established with major automotive manufacturers such as Geely, Li Auto, SAIC, Dongfeng, and others [5]. - The company launched the Youka Changzhou Intelligent Computing Center and introduced innovative technologies like the Youka "Aoyun" autonomous driving solution and the global vehicle connection ONE SIM [5]. International Expansion - The company is accelerating its overseas business development, with six global data centers established in regions including China, ASEAN, Europe, North America, West Pacific, and the Middle East [6]. - In 2024, the company successfully expanded its services to Europe, the Middle East, and Central Asia in collaboration with Dongfeng Liuzhou Automobile, providing advanced connected vehicle services [6]. - A significant partnership was formed with SAIC for connected vehicle services in the Saudi market [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年年报及2025年一季报。24年/25年一季度，公司实现营收5.61/1.50亿元，同比增长 7.72%/78.24%；实现归母净利润0.41/0.05亿元，同比降低35.92%/增长237.89%。 公司当前为国内领先的第三方连接管理服务商。截至2024年底，车联网业务连接总数已超过1,400万，其中 国内连接数逾1,300万，海外连接数逾100万，已经与吉利、理想、上汽、东风、岚图、智己等知名汽车厂 商建立紧密的合作关系。在此基础上，2024年公司落地了优咔常州智算中心、发布了优咔"遨云"自动驾驶 解决方案，并推出了全球车联ONE SIM和"遨云"端到端全链路自动驾驶数据闭环工具链两大创新技术。公 ...

Investment Rating - The report maintains a "Buy" rating for Wanma Technology, indicating a positive outlook for the company's future performance [6]. Core Insights - The company has experienced rapid growth in its vehicle networking business, achieving revenues of 2.55 billion yuan in 2024, a year-on-year increase of 43.56% [2]. - Despite the growth in core business, the overall net profit margin has declined due to increased sales and R&D expenses [2]. - Wanma Technology is positioned as a leading third-party connection management service provider in China, with over 14 million connections established by the end of 2024 [3]. - The company is actively expanding its overseas business, having established six data centers globally and successfully entering markets in Europe, the Middle East, and Central Asia [4]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 5.61 billion yuan, a 7.72% increase from the previous year, and a net profit of 410 million yuan, a decrease of 35.92% [1]. - For Q1 2025, revenues reached 1.50 billion yuan, reflecting a significant growth of 78.24% year-on-year, while net profit increased to 50 million yuan, up 237.89% [1]. Business Segments - The vehicle networking segment generated 2.55 billion yuan in revenue for 2024, with a gross margin of 48.03%, down 18.48 percentage points from the previous year [2]. - The communication business saw revenues of 2.67 billion yuan, a decline of 9.95%, attributed to project implementation cycles [2]. Growth Prospects - The company has launched innovative technologies such as the "Aoyun" autonomous driving solution and the global vehicle connection ONE SIM, enhancing its competitive edge [3]. - Wanma Technology's strategic investments in data closure and intelligent computing capabilities are expected to benefit from the growing autonomous driving market [4]. Profitability and Valuation - The report projects a decline in net profit for 2025 and 2026, with estimates of 670 million yuan and 940 million yuan respectively, down from previous forecasts [4]. - The company is considered a rare player in the vehicle networking service sector, with significant growth potential driven by advancements in autonomous driving technology [4].

万马科技股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 关于万马科技股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025HZAA1F0048 万马科技股份有限公司 万马科技股份有限公司全体股东： 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1 | XYZH/2025HZAA1F0048 万马科技股份有限公司 本专项说明仅供万马科技公司 2024 年度报告披露之目的使用，未经本事务所书面 同意，不得用于其他任何目的。 信永中和会计师事务所(特殊普通合伙) 中国注册会计师： 我们按照中国注册会计师审计准则审计了万马科技股份有限公司（以下简称万马科 技公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表、2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表 以及财务报表附注，并于 2025 年 4 月 11 日出具了 XYZH/2025HZAA1B0185 号无保留 意见的审计报告。 ...

万马科技股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-78 | | 信永中和会计师事务所 北京市东城区朝阳门北大街 株洲电话. +86 (010) 6534 2266 | | | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | ShineWing | 9/F, Block A, Fu Hua Mansion, | | | No.8, Chaoyangmen Beidajie, | | | | +86 (010) ...

万马科技股份有限公司 2024 年 12 月 31 日 内部控制审计报告 内部控制审计报告 XYZH/2025HZAA1B0184 索引 页码 内部控制审计报告 1-2 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 万马科技股份有限公司 万马科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 万马科技股份有限公司（以下简称万马科技公司）2024 年 12 月 31 日财务报告内部控制的 有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是万马科技公司董事会的责 任。 1 内部控制审计报告（续） 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变 化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审 计结果推测未来内部控制的有效性具有一定风险。 我们认为，万马科技公 ...